Filing for personal bankruptcy has become much more common since the recent economic crisis. However, with the financial situation improving steadily there has been a corresponding decline in the bankruptcy filings nationwide at an average of 12% based on the numbers from the Administrative Office of the U.S. Courts. Unfortunately, Ohio is not doing as great as the other states at a decline rate of 5% for 2013. If you find yourself in need of financial relief, you’re not alone. In Ohio, there were more than 47,000 filed in 2013.

This is still quite a lot, but not as bad as the previous three years. The improvement is attributed to the high number of filings made previously, government assistance for homeowners, and a better stock market. This meant more employment, so debtors were eligible to restructure their debts at a lower rate of interest.

Nevertheless, there were still thousands in Ohio who were overwhelmed by debt servicing, primarily from loss of employment and medical expenses. Of those who filed for bankruptcy about 36,000 filed for Chapter 7 while 11,000 plus filed for Chapter 13.

Bankruptcy is the lesser of two evils for most people who are deep in debt, because defaulting on debt can mean the loss of the home, vehicle, and other personal property. Restructured or forgiven debts can be removed from a person’s credit history so that it will be better in the long run than simply letting things slide.

Filing for bankruptcy is a big decision, and it is not appropriate for all situations. But if in the end the decision is to file, it is important that you engage a bankruptcy lawyer to help you in the process. This will ensure that you get the maximum benefits from your filing as prescribed under the law.